Rental agreement is the most important document which legally bind the the tenant and the landlord. Sometimes, a broker is involved who carries out the initial transaction between the two parties. However, both the parties can also take the help of a lawyer to draw the agreement which is a legal document that lays down the conditions on which relationship between the landlord and the tenant is determined. It also determines how disputes are to be handled and how both parties would carry out their respective duties.
A smart rental agreement would be the one which include the names of all the people living in the building. Also the agreement should contain the tenure of tenancy as well where specific dates from which date to which the lease of the agreement would be valid will be mentioned as well as the rental amount along with the amount to be deposited in the
account. It should also contain details related to terms of deduction and return of the deposit money and also the due date of payment of rent and the grace period. Moreover It is the duty of every tenant to keep the rented place clean and undamaged and therefore maintenance and repairing responsibilities should be mentioned in the rent agreement as well.
Moreover the landlord may have some restrictions regarding movement, usage of parking or usage of property resources and hence these decorum details are also to be recorded in the rent agreement so that no disputes arises between the parties. Some rented properties may also require certain society rules to be adhered by the tenant which may not allow certain activities and hence all such things should be mentioned in a documented form. The terms and procedure of renewal of the rent agreement as well as the notice period should be recorded in the rent agreement.
Also here are some common agreements or conditions that need to be included in an agreement for keeping property in good state and make prompt pay of monthly rents.
List of things such as facilities and appliances provided by a landlord to tenants along with property for rent which includes appliances like number of fan, geyser, light fittings and so on.
The date for paying each month’s rent and the date when it is considered as late payment.
The date or time from which property is used for to rent.
Need to specify in written where to keep garbage for collection by garbage collector and how to dispose garbage.
Policies regarding parking the vehicle and whether pets are allowed in the premises or not.
Tenant should give at least one month notice prior to leaving and demanding for deposit.
Conditions which need to restore the dwelling place or building.
It is mandatory for a landlord to ask identity of person who is using or will use the property in order to make sure that you do not give your property or building for people who have criminal background.